FOR IMMEDIATE RELEASE:
FRIDAY, SEPT. 15, 2023
Pending Sales of Staten Island Homes Rise Slightly Despite Nationwide, Local Inventory Pinch
When measured against August 2022, inventory levels of homes for sale in the borough last month fell 36.5 percent, according to the latest statistics from the Staten Island Board of Realtors®
STATEN ISLAND, N.Y. – Higher mortgage rates, along with elevated sales prices and a tight housing inventory, have continued to impact real estate market activity on Staten Island and across the nation during the summer homebuying season.
Despite the challenges, pending sales of Staten Island homes actually rose 1.7 percent last month to 356, as compared to August 2022. However, a more detailed view reflects a year-to-date slide of 14.6 percent in the borough’s pending sales thus far, according to the latest report from the Staten Island Board of Realtors® (SIBOR).
When measured against August 2022, the latest SIBOR statistics show new listings in the borough decreased 17.3 percent to 441 and inventory levels fell 36.5 percent to 1,212 units.
Home prices on the Island continued to gain traction last month, with the median sales price increasing 3 percent to $680,000 from August 2022. The number of days on market until sale statistic was up 50.3 percent to 82 days, and sellers were encouraged as the months supply of inventory was down 18.6 percent to four months.
“These are difficult times for the real estate market. But difficult times create opportunities for those who are alert to the signals that the market offers,” said Sandy Krueger, CEO of SIBOR. “This is why working with an industry professional is the key to success.”
The average 30-year fixed-rate mortgage has remained above 6.5 percent since May, recently hitting a two-decade high in August, according to Freddie Mac. As a result, existing-home sales have continued to slow nationwide, dropping 2.2 percent month-over-month as of last measure, with sales down 16.6 percent compared to the same time last year, according to the National Association of REALTORS® (NAR).
Falling home sales have done little to cool home prices, however, which have continued to sit at record high levels nationally thanks to a limited supply of homes for sale.
According to NAR, there were 1.11 million homes for sale heading into August, 14.6 percent fewer homes than the same period last year, for a 3.3 months’ supply at the current sales pace. The shortage of homes for sale has boosted competition for available properties and is driving sales prices higher, with NAR reporting a national median existing-home price of $406,700, a 1.9 percent increase from a year earlier.
About the Staten Island Board of Realtors® (SIBOR)
And the Staten Island Multiple Listing Service Inc. (SIMLS)
Established in 1915, the Staten Island Board of Realtors® (SIBOR) is the largest professional association in Staten Island, N.Y.
SIBOR exists to enhance the ability and opportunity of its members to conduct their business successfully and ethically, and promote the preservation of the public’s right to own, transfer and use real property.
Comprised of approximately 2,500 members, SIBOR serves real estate agents, brokers and affiliated professionals throughout the borough and surrounding areas.
SIBOR is the provider of the Staten Island Multiple Listing Service Inc. (SIMLS), which works as a clearinghouse through which more than 275 local real estate firms exchange information on properties they have listed for sale. Together, its members participate in over 5,000 real estate transactions every year.
All SIBOR Realtors belong to the New York State Association of REALTORS® (NYSAR) and the National Association of REALTORS® (NAR).
SIBOR and the Staten Island MLS may be reached at 718-928-3220 and visited online at MLSsiny.com. Social media content pertaining to SIBOR and the Staten Island MLS is available on Facebook at Staten Island Board of Realtors, LinkedIn at Staten Island Board of Realtors, Twitter via @SIBOR and Instagram at SIBOR REALTORS (siborrealtors).